Looking for a sell position | 15 September 2017

Wave Analysis:

As previously anticipated, a corrective wave continued higher but could not rise above the daily resistance line 110.72. We expected a possible rebound from this resistance line to short this pair with an ultimate target at 102. The anticipated bearish price rally is the continuation of the impulsive wave (c) to the lower side. This view can only be invalidated in case this correction goes beyond 110.70, if this should happen, the a bullish price rally towards 114.81 will be inevitable. This pair should be traded with other positively correlated pair such as CADJPy, NZDJPY, AUDJPY, CHFJPY and HKDJPY. These pairs have a strong positive correlation and will move in the same direction during this intraday.

Trade Recommendations:

Expect a possible rebound from 110.72 to short the US Dollar with your target at 102.